THE Ministry of Health (MOH) will take actions against doctors who make “the most egregious and inappropriate” insurance claims, and it is starting to do so under the Claims Management Office, Health Minister Ong Ye Kung said on Friday (Jul 12).
The Claims Management Office was set up in 2022 to govern appropriate claim behaviours.
Ong was speaking at the 25th anniversary celebration dinner of the Securities Investors Association (Singapore), or Sias, where he was the guest of honour.
He noted that the government is “very worried” about escalating costs to the Republic’s healthcare system.
Ong warned of a “buffet syndrome” of overly generous health insurance terms, which allow non-critical or even unnecessary tests and treatments being prescribed, which in turn leads to bigger bills and higher premiums for all.
Private insurers will also have to take a “hard and realistic look” at their product design, and rein in “generous and unsustainable” terms, such as no-claim limits and very low co-payments, he added.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Learning ‘proper investing’
Meanwhile, more families should “seriously consider” growing their wealth through “disciplined investing”, as opposed to keeping their money in safe but low-yielding fixed deposits, said Sias chief executive David Gerald in his own speech.
While savings do provide security, they earn little interest and so will erode over time due to inflation, noted Gerald.
He said that families who wish to learn “proper investing” can do so under Sias’ guidance, noting that the investor group is an independent charity which does not sell products or services.
“We are here to help you and, at the same time, help more people participate in the Singapore markets,” he added.
Founded in June 1999, Sias counts close to 12,000 retail investors as members.
It has conducted more than 1,800 investor education programmes to date – ranging from seminars to certification courses – for more than 300,000 retail investors, based on information from its website.
Beyond investor education, Sias has also hosted “hundreds” of townhall sessions for individual shareholders to meet listed companies’ management, noted Gerald.
It also regularly sends queries focused on financials, strategy and corporate governance to companies before their annual general meetings.
“Sias has (also) regularly intervened in many privatisation-cum-delisting offers whenever the prices offered are seen as being too low, or at too large discounts to asset or book values,” said Gerald.
“I am pleased to report that Sias’ appeals for minorities to get better prices were successful in a handful of cases,” he added.
